Instagram says advertisers more than double in six months
- Wall Street again marks new highs in post-election run
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
- Restoration Hardware (RH) Tops Q3 EPS by 4c; Guides Well Below the Street
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- After-Hours Stock Movers 12/08: (FNSR) (AVGO) (GLPG) Higher; (XTLY) (RH) (DLTH) Lower (more...)
A screen displays the Instagram logo during a presentation in New York December 12, 2013. REUTERS/Lucas Jackson/File Photo
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
(Reuters) - Facebook Inc's Instagram said on Thursday its advertising base more than doubled to exceed 500,000 in the last six months.
Instagram, the popular picture-sharing app that uses Facebook's ad technology to target highly specific audiences, has gained traction as the preferred platform used by ad agencies for social media campaigns.
The app, which has more than 500 million users, also said more than 1.5 million businesses had switched to its Business Tools program in the two months since its launch earlier this year.
The program allows businesses to promote posts and create custom profiles on Instagram that allows potential users to contact them by phone, e-mail or text messages.
The company, which was bought by Facebook for $1 billion in 2012, is expected to generate $1.5 billion in advertising revenue this year, according to research firm eMarketer.
Instagram said in February that it had more than 200,000 advertisers.
(Reporting by Narottam Medhora in Bengaluru; Editing by Maju Samuel)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Alabama executes 45-year-old man found guilty in the 1994 killing
- 3M to sell identity management business to Gemalto
- Remarkable feathered dinosaur tail found in chunk of amber
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!